Home Cryptocurrency Ripple Enters Japan Banking Sector

Ripple Enters Japan Banking Sector

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Early yesterday morning, unconfirmed reports of a national rollout of Ripple within the Japan Bank Consortium took the internet by storm.

According to AMBCrypto Ripple shareholders have formed a joint venture with the consortium to integrate Ripple’s blockchain into everyday transactions within 47 of Japans major banks.

The rumours stem from confirmed reports that earlier this week, SBI Ripple Asia had introduced three new schemes that aim to streamline the use of Ripple within the public banking domain. The ‘streamlining’ comes courtesy of Ripples Interledger Protocol (ILP). This ILP makes it possible for transactions to occur in 0.025 seconds, lightning speed in the grand scheme of things. This opens up new possibilities for banks who wish to deal with Ripple, even on an international scale.

Back in December 2017, Ripple became the worlds second most valuable cryptocurrency when banks from both Japan and South Korea agreed to use Ripple in a pilot scheme to improve their cross-border payments and transactions. During this time, Brad Garlinghouse, the CEO of Ripple was noted saying;

“2017 has been the year of the digital asset. XRP (Ripple) has clearly outperformed all other digital assets, the reason for this is that the market has realised XRP is a highly efficient payments mechanism that is solving real-world problems for real-world customers with real money.”

Clearly, the perceived efficiency of Ripple’s blockchain is ultra-important to buyers and investors, these ripples within the Pacific regions leave Ripple in good stead to continue growing.

Moreover, yesterday South Koreas Woori Bank reportedly completed a cross-border remittance test using Ripples ILP, whilst there doesn’t seem to be any record of how long these transactions took, Coindesk are reporting that the tests sparked interest from around 60 other Japanese banks. It isn’t clear if these have also contributed to the rumours but regardless of that, Ripple really does seem to be making waves around the Pacific.

Source: Crypto Daily